Strong US earnings boosted the risk sentiment in the Forex market. EUR/USD posted strong gains through Asia, attempting to break above 1.3000 at the time of this writing. Traders will focus on today's US earnings for Goldman Sachs Group, State Street Corp, Coca-Cola Co, Intel Corp, Johnson & Johnson and IBM to see whether the risk sentiment can continue for another day ahead of the key EU summit in Brussels.
In my opinion the recent gains are unlikely to sustain themselves throughout the week as there are many reports no major decisions will be taken at this week EU summit. There is an emergency meeting on Greece at the end of October which may have a major effect on the financial markets. Cold water will be poured on the markets' bulls, forcing them to pull their share out of EUR/USD. At the time of this writing the gains do appear to be overstretched, particularly in AUD/JPY:
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